Work From Home Mum’s No.11

Hello Traders!

Today marks the first day of the month for trading and the first day of the new hours in the Forex Room.  I have a feeling I will like the new hours and it will suit my lifestyle as I’m home in the afternoon/evenings when the calls are being made.

So March ended up as a fairly negative month for me.  -170pips

I went into today with a little bit of trepidation.  I felt the twangs of doubt starting to creep in as a trade was called and I have to admit I hesitated.  Only for a fraction of a section because I gave myself a good talking to and put the trade in.  I’m so pleased that I did because not only did it go to profit, I had THREE trades go to profit! Weeeeeeeeeeee!

The last two trades were a bit later in the US session and it was close to when I was going to bed and I don’t like going to bed with trades open so I brought my stop to 60 pips on one trade and 20 on another.

Today’s total?  +160 pips.  J Big grins here.  Taking into account the March total, I’m only 10 pips off being square again.  I feel positive with my trading plan and am loving learning from Erica and the other’s in the Forex room.

I am still struggling with the amount I’m going to risk each night.  Shortly I’ll have to decide whether or not I want a mini or a micro account.   A mini account works with $1 pips and the micro account 10c pips.  I think my initial thoughts to have a $1000 starting account needs to be bumped up to $2000.

I’ve been chatting to people and it seems that my 6% I was prepared to risk each day is a bit much for some others, hence why I need to look at the different account options.

6% risk on a $2000 account is 120 pips on a $1 mini account.   That means I can be in maybe 3 trades with stops of around 40 pips.

If I do a 6% risk on a $2000 account for a 10c micro account, it ups the pips to a whopping 1200 pips.  That would mean I’d be free to take pretty much ALL trades called.  The downside is that the profits are a LOT smaller.  Then again, one would argue that good things come to those who wait.

So again, I have more thinking to do.  Do I be content with just 3 trades a day and trade in $1 pips?  Or do I drop my account to 10c a pip and take EVERY trade?  I have a feeling I’m still going to go with the 3 trades a day on only certain pairs, but I am going to investigate all options to make sure I make the most of my investment.

I’m off to bed to read a bit more about trading psychology.